Neil Bellis and Lucy Cummings, the management team that took Erinaceous to the edge of its banking covenants after failing to take the company private during the summer, have resigned from the board with immediate effect. Financial Times, The Times

It is understood they will receive their base salaries as compensation – £395,000 and £341,000 respectively – in line with their contracts.

The move follows pressure from the company’s leading shareholder.